Crude Oil soars above $105/bbl - this is why Putin is now India's biggest problem

India faces tough crude realities as the oil surges back abovethe  the $100 mark. Here is why crude concerns as escalating for the subcontinent even as the war is between Russia and Ukraine. 

1. India is the world’s third-biggest oil user
2. Annual oil demand seen at an all time high - 214.5 million tons 
3. India imports over 80% of it's crude demand 
4. India paid $82.4 billion for the crude oil it imported in the nine months through December 2021
5. Crude bill for India set to top $100 billion this year 
6. This is a 109% jump over last year same period though amount imported only went up by 9%
7. Every $1 rise in crude oil prices increases India’s import bill by about $1.5 billion 
8. The average price is about $79 per barrel this fiscal year as against $45 in 2020-21 and $60.5 in 2019-20
9. Double whammy of a stronger dollar playing out
10. For every rupee value decrease vs dollar increases spending by upto Rs 2,700 cr